(Washington, D.C.) – The Department of Veterans Affairs (VA) has taken immediate action to protect thousands of veterans and service members using VA home loans facing foreclosure through no fault of their own, VA is stopping foreclosures for six months to ensure these veterans and service members can stay in their homes.
Veterans and service members with VA home loans who faced financial difficulties during the COVID-19 pandemic used forbearance to pause their mortgage payments without penalty and remain in their homes. While VA previously offered solutions to help borrowers exit forbearance and get back on track with their payments, some of those authorities expired when the pandemic ended and left veterans with fewer options to bring their mortgages current. These limited options have left thousands of veterans and service members who took forbearance vulnerable to losing their homes.
